Curaçao and St. Maarten should reinforce oversight on financial sector

WILLEMSTAD - There is an urgent need to further reinforce financial sector oversight and monitor the risks from the withdrawal of CBRs. The authorities’ emphasis on strengthening the enforcement, addressing regulatory gaps, and collaborating internationally to alleviate CBR pressures are steps in the right direction. Macroprudential databases should be completed and macroprudential policy framework utilized to bolster financial sector resilience. The efforts to comply with the international standards on AML/CFT, transparency and exchange of information for tax purposes (Curaçao) and the OECD Common Reporting Standards (Sint Maarten) should continue. The authorities’ cautious approach to financial innovations is warranted, helping balance the tradeoffs between potential efficiency gains and risks to stability and integrity. 

Efforts to improve governance should intensify, including by strengthening anti-corruption institutions, promptly taking steps to operationalize the Integrity Chamber for Sint Maarten and establishing one for Curaçao, completing the CBCS Executive Board, successfully carrying out the NRA, and effectively implementing the AML/CFT framework to comply with the 2012 FATF Recommendations. 


Developing capacity in public institutions and improving statistics remain a key priority. The authorities’ efforts to seek TA in various fiscal and monetary policy areas are welcome. Data quality and availability need to be strengthened significantly for effective surveillance.